Coming out of a tight patch, a large payment arriving can be the moment to clear the loan and stop the daily interest. Do it the right way and you know exactly what it costs.
Ask for a settlement figure
Always request a settlement figure before you pay off the loan. It shows the precise amount to clear the balance to the day, so there are no surprises. Use the Settlement Figure form.
The early-settlement charge, shown up front
Settling early can involve an early-settlement charge of up to 28 days' interest, and it is always shown inside the settlement figure before you commit. Even with it, settling early usually saves money by stopping the 0.25%-per-day interest sooner.
Confirm before you pay
Once you have the figure and are happy, make the payment and ask us to confirm the loan is closed. That leaves a clean record, which supports what the company can borrow next time.
Request your figure with the Settlement Figure form whenever you are ready.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: Can I settle my company's arrears with a lump sum?, Getting your company back on track after arrears, How arrears affect future borrowing with us.